Investing in real estate anywhere is a big decision, but it’s even more important to make an informed decision when you invest in Miami. The city of Miami is the largest metropolitan area in Florida with over 5.5 million people living here currently, and that number continues to grow each year by around 3%. It can be an overwhelming city, with the number of things there are to do in this southernmost point of Florida sometimes.
There is plenty to keep residents occupied here for sure, but it’s even more important that new condo buyers consider everything that’s available before making that decision to invest! Here are some tips on what to keep in mind when you’re thinking about buying a condo in the city of Miami and what you should know.
Real estate prices continue to rise
The growing population and continued development in Miami are causing land values to soar. According to the realtors at Douglas Elliman, the median price of a condo transaction was $270,000 through early October of 2017. That’s an increase from last year by over 7%, and it certainly will continue to go up. There are some incredible deals to be found in Miami under $200,000 right now that would give you a great return on investment over the long term!
You need to be aware of The Omnibus Act
There is a large-scale reform in real estate law in Florida called the Omnibus Act, which went into effect on July 1st of this year. It fundamentally changes the buying process and conditions for property transactions in Florida. If you’re buying a condo in Miami, make sure you understand all these new rules before signing any paperwork. In case you missed it, these are the main changes:
- Each party to a real estate contract must now be represented by its attorney instead of sharing one attorney.
- Title companies are required to notify buyers of any potential “hidden encumbrances” on the title, such as liens or code violations. This can include anything from unpaid homeowner association dues to pending foreclosure cases against the property.
- Buyers can now inspect the full chain of titles and not simply rely on what they are told by sellers.
Condos make buying easier
You might be surprised to learn that there aren’t as many houses for sale in Miami as you’d expect. It’s a part of the city’s history: after all, this is a place where people come to escape the cold weather and snowstorms of the north. There is an incredibly high demand for condos in Miami, so there are always brand new developments popping up all over town. This is great if you’re looking for a place to get into the center of it all and don’t mind living in a smaller space.
You can choose how high-end to go
Miami condo living offers a lot of choices that are unique to this part of Florida. For one thing, because there are so many rental units in this city, landlords have less clout than they do elsewhere in the country. You can often negotiate to get access to extra storage space or even a small room for your cat if you so desire. It’s also not uncommon to see condos with shared rooftop terraces and lots of outdoor amenities like BBQs and fire pits – a luxury you might miss if you live in a neighborhood without any sidewalks!
Location is key: choose wisely
Condo living in Miami offers so many choices of amenities, style of living, and location that it’s easy to get overwhelmed. You need to sit down and run through all your options more than once before making your decision. Make a list of all the things you need and want from your new condo – proximity to public transportation, shopping, restaurants, work – and then go take a tour. If you’re not familiar with the area it can be hard to tell whether or not what’s available is worth the price that’s being charged.
You need professionals to help you with the purchase
Miami condos are increasingly getting more luxurious, but that can make buying them a little more complicated. If you’re not an expert in real estate law, it’s hard to know what you need to do to complete your transaction correctly. And if you want access to all the amenities – which many people do – you’ll need to hire a team of professionals who understand the market and can help you get what you need.
If you’ve been thinking about investing in a Miami condo, now’s the time to do some research and pounce on your dream place. There are certainly great deals out there for those who know where to look: just make sure you have all the things mentioned above straight before you sign any contracts. Good luck!
